Shares of Model N surge 44 percent in debut

(Reuters) - Model N Inc shares surged 44 percent in their trading debut on Wednesday, fetching a market value of nearly half-a-billion dollars, as the business software maker’s hold on the pharmaceutical market makes it an attractive investment option.

The Redwood City, California-based company had priced its offering of 6.7 million shares at $15.50 each, raising $103.9 million.

“They’re very unique ... They’ve carved out pretty much an impenetrable market position in the life sciences area and they’re taking that success pattern into other vertical markets such as technology,” said Francis Gaskins, a partner at IPODesktop.com, an IPO research company.